Facts to Know About Life Insurance

Learn More about Life Insurance

Everyone with a dependent requires life insurance in Oakville and other Canadian towns. You may never use it, but it can be disastrous financially if you do not have it. Today with record low premiums, it can be the best time to take out a life insurance policy. Getting the policy when you are younger can be highly advantageous as premiums are low if you are younger. A life insurance policy can support your spouse comfortably and help the kids get through college or university if the unexpected ever happened.

Points to consider before deciding on life insurance:

Financial planning is one of the most crucial foundations to live life successfully. Getting a life insurance policy is an important aspect of home financial planning. The following are some points you should decide upon prior to choosing your insurance plan:

The kind of life insurance policy you need

The amount of insurance you should have

The effect of having children on your policy

How to choose a broker/agent

Best companies offering insurance policies

Life insurance & your financial profile

The amount of insurance coverage you require will depend on how much your financial requirements will be and what kind of financial profile you have. How much would you want your family to have monthly or annually should the unexpected happen? How much financial security do you want to provide? Many make sure the mortgage and other debts are covered at the very least, but also funds for children’s education etc.

Types of insurance

The most common types of life insurance are:

Term life insurance

Whole life insurance

Universal life insurance

Term life is the simplest and often the most affordable compared to whole life products. A knowledgeable broker/agent can give you valuable advice about which type of insurance will suit you most. Also, we will work with you to determine the best or most amount of coverage that will fit your budget.

Get the expert in the market

No one wants to think of serious illness or death. However, it is better to be prepared prior to any tragedy happening and a policy covering critical illness insurance in Oakville can help in meeting the exorbitant medical expenses you may incur in case you fall ill with a serious disease or critical illness. Insurance companies will typically offer critical illness insurance and life insurance, but payout options vary drastically on both. Consult with a professional for the best options for you and your family.

Getting professional help

How much premium and benefits differ over the years, how to renew a policy and whether you need an additional policy are some of the questions which are best answered by a skilled and experienced agent/broker. He or she can give you a true picture of the year by year build-up of cash value, benefits and premium payments etc. For more detailed information about life insurance policy options, contact www.grantleslie.ca today.